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tv   The Willis Report  FOX Business  November 1, 2012 6:00pm-7:00pm EDT

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have you. we will have some lobster together. we will see you back here tomorrow, "the willis report" is coming up next. ♪ ♪ gerri: hello, everybody, i am gerri willis prettified to get back to normal continues today in the northeast. even if the news remains dire. the death toll has climbed to more than 80, and 4.5 million homes and businesses are still without power. the subways are rolling in much of new york city for the first time since sandy crippled the nation's largest transit system. service is limited. that is the case for commuter trains as well. police are enforcing carpooling and bridges into the city. bleeding lines of traffic rushing for miles. after canceling more than 20,000 flights from all three of the major new york area airports are open for business.
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la guardia opened today with a reduced schedule after having two of its runways flooded by sandy. what a mess. new estimates show just how about the economic damage could be from sandy. according to the forecasting firm, the chastity is $50 billion high. they originally said $20 billion. it is actually more than double. widespread power outages will push the costs higher than the typical storm and the loss of business activity. we are going to hear more from the coast guard coming up. right now, we are going to go to staten island and representative michael graham is on the phone for us. congressman, we have been watching pictures from your district, staten island, for days now. how is it going there? are we into recovery mode? is it still rescue mode their? >> well, you know, we are just entering the recovery mode at this point. today, there were four bodies
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found. talk about heart wrenching and horrific things that have happened here in staten island. you know, the most deaths and i would expect that unfortunately, there is a good chance they will find more bodies as they start going door-to-door at the people who did not get out. they found a couple the earlier part of today, an elderly couple that did not get out. no one knew that they did not develop. these are the things that will cost death toll to rise. it is beyond words, this tragedy. gerri: it surely is. what is that? >> i am standing where there were two fatalities and the house is completely missing -- nothing left. just the foundation. gerri: there are lots of residents in your district said they are getting the help they need. are you doing everything you can, and are you getting the support you need to deliver services to your district? >> well, look, nothing ever goes
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perfect. but i will say that the response was a little slower than i thought it would've been. you know, red cross, they have been here for three days, and i am so grateful that they are here and rolling out all over the place now. but it would have been better had they been here a day before or two days before. fema just hit the ground today. but they won't be in full effect until tomorrow. it is frustration. people have lost everything and they are stuck in shelters and high schools on cots. we really need that temporary housing to start putting them in apartments and giving them some sort of certainty. people are just very frustrated. everyone is working as hard as they can. gerri: horseman, this is a question i have thought about time and again in regards to the storm. was the region prepared for this? were be adequately ready for a storm of this size? >> i don't think you are ever completely ready for something
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like this. gerri: that is true, but were we ready? you are saying that the help that you need did not come quite as fast as he wanted. are you saying that we needed to do more? >> i think we could've done better. i think we both could have done a little better. but i just don't think anyone anticipated that anyone anticipated this much devastation. i don't think anyone expected houses on staten island -- complete homes, to be lifted up and gone. no remnants of the house, just the foundation. i don't think we anticipated that. that is part of the reason why the response has been a little bit slow. but we are doing everything we can. we are pushing all the buttons. i just think that it's a lot more mayhem than we have ever anticipated. gerri: congressman graham, thank you so much for coming on. i know you you are safe, natural family and i hope the family is safe too. i wish you the best in your efforts on staten island. we hope to hear from you again
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soon. >> thank you very much. gerri: for more on the cleanup and recovery efforts, i am joined by admiral dan abel. he is the first district commander of the coast guard. thank you for joining us tonight. it is a pleasure to have you on the telephone. i understand you were on a ship right now. so we may have difficulty communicating. i hope not. i know you have been doing a lot of looking at the region, long island sound, the courts, what do you think and what do you know? what can you tell us tonight about the region? >> well, taking a look at the coast, we are trying to do as much recovery is possible. the city took a beating. certainly, the peninsula -- and
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the harbor, we have three fairly large spills over northwest staten island. in that area. large refineries are there. we have major spills. we are in response on that. the remainder of the harbor is getting the score back to even and getting the port back to running. gerri: we are so grateful to you, you set things right, the coast guard gets things center people. you met with mayor bloomberg and senators from the region today. what did you learn that meeting, and what you get for newsnight? >> we knew that this would be critical. $136 million a day.
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we knew the emphasis was great. it certainly wasn't all hands onboard effort. 24/7, our friends have actually been standing in everyone of the channels to make sure that there is nothing of obstruction underneath. we had containers that blew off in the container terminal. the last thing that the city needs is a maritime mishap. they are going to prepare a before scana knocker scannable nullity abnormalities are. the good news is this morning as the sun came up, the port was open.
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from ambrose to hudson. gerri: we appreciate your help tonight. continue the good work. >> we will get the city but that together. gerri: we rely on you. meanwhile, motorists in new york city and across new jersey are facing a second day of enormous gas lines. many other stations just can't pump gas because they lack power as well. fuel trucks are having trouble getting around in the aftermath of the storm. you have seen the roadways and you know what the problems are. let's bring in patrick gas buddy.com. thank you for helping us out tonight. i have to tell you that the situation, it seems to me to be out of control. how long can we expect these
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long lines? >> well, long lines will continue as long as motorists are piling into the stations. the cities are not even up and running fully yet. but somehow people are out driving to who knows where. putting the emphasis on gas stations. it could easily be the weekend, it could be a week before everybody's back online. and i would just urge motorists to only buy we simply need. filling up your gas cans and vehicles and it could make it worse. a lot of facilities are without power. a lot of terminals are stationed gerri: what are the problems that are the worst? >> the linden, new jersey, phillips 66 grant has the capability to come back online. the assessment is still going through to see what damage there may be. the terminal is still down by now. gerri: so the beat goes on.
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i am reading the gas prices will come down because we have lower demand, supply -- there is a bottleneck at the stations. you agree that? are we looking at gas next week? >> prices will come down overnight, but they will moderate in time. everybody is staying at home. millions of people. we have never seen such a huge outage to such a significant city. new york significantly shut down. refineries have come back online, and as you indicated, it is all a logistics issue at this point. not power where there needs to be and it takes time to work it all out. gerri: the latest guess is that we won't have electricity until the 11th of november. a lot of people aren't happy about that. patrick, thank you so much for coming on tonight. >> thank you for having a. gerri: me. gerri: over the last few days, elected officials are telling us
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that private enterprise -- private enterprise has played a critical role. case in point, with all the blackouts from one of the most sought-after services has been a place to plug in your smart phone. people are more interested in not than getting food. you want to tell your loved ones, keep up with the latest news. the companies have stepped in to provide this free service. one of the partners in the venture, then richmond. tell me about this company. what you do? >> we provide cellphone service and cell phone charging kiosks will. we actually have almost 100 locations in new york. gerri: what they already in place before the storm? did you offer your services report it. time? >> is a matter fact that they are free in the bars that you can go up there and charge your phone anytime. we spoke to some of our partners may have seen tremendous increase in usage. gerri: is a warm place to stay, and why not?
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tell us about your business model. how does the company were? >> we actually have three models. we have the var network. gerri: so it is free. >> budweiser may run an ad and a big part of our business is renting them to expos and events she wants when you're traveling have a way of charging? >> exactly. the only leg power, especially in a calamity like this, and already vital utility becomes that much more vital. gerri: tell me what kind of response do you have gotten. >> we get calls all the time thinking us. it is o tremendous. i was able to charge up. we have all been there. recently, you know, we have been overwhelmed with mail about
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people thinking us for having these utilities in place. we wanted to send the truck out all over downtown manhattan. just waiting for authorization from the city to do that. gerri: they were little slower a little slower than private business? >> a little bit. to their defense, they are quite overwhelmed by now. they should give us a call and we can activate. gerri: can viewers to your products anywhere besides merrick city? >> yes, we are actually all over the country. we have an established network in miami. my partner, paul, he runs that. we can provide this service to anyone anywhere. you know, even if he does go to our website. no charge now.com. we are happy to help. gerri: if your smart phone is more important, then you have the company. okay, thank you for coming on tonight. we appreciate it. gerri: we have a lot more still to come in the cellar.
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gerri: if you are looking for the next government bailout beneficiary, look no further than the national flood insurance program. that is right. the federal program operating by fema, we have talked about this week. the program already owes $18 billion in taxpayers dollars, much of it was unpaid hurricane katrina battered 2005. only a government program could get away with not paying its bills for seven years, but there you have it. and the wheels keep turning. hurricane sandy will put a new twist on insurance taxpayer dollars. according to "the wall street journal" and the, flood program covers more than 236,000 policies.
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$54.5 billion. if they exceed their borrowing cap, then they have to ask congress for more money and likely, you bet it is. it encourages building in risky areas. until recently, the government did not care where their customers will be housed in a hurricane zone area. only to see them. only to get blown out in the next one. some people rebuild with federal dollars over and over and over again. today, there are some restrictions on the kind of taxpayer looting. but it took years for the government to put even some limits on spending. likewise, the coverage is pretty dodgy. $500 in premiums year for a typical policy. unless in those areas that are less risky and prone to flooding. this is a bargain borne on the backs of taxpayers.
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remember, not all of these people getting coverage are sugars in louisiana were souvenir store owners in mississippi. you get picture the government can't afford taking 10 on the road. i know what you're thinking. this is the new normal. if government doesn't provide a safety net, do we get more and more hurricane events, but the fundamental assumption is this not true. the number of hurricanes making landfall is shrinking and not going. if you were to bring them by the amount of damage that they leave in their wake, hurricane sandy would be the 17th most damaging storm since 1900. it doesn't even break the top 10. back in 1954, think about this. the storms made landfall. carroll, hazel, diane. each of those were caused twice as much damage as they occurred
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today. all in 112 month period. we have it easy. some people believe that we are actually in a hurricane drought, consider the last category three was back in 2005 with hurricane wilma. in the end, maybe the government would be better served trying to prepare regions for storms. rather than ensuring him. truly new york region could've been better prepared for hurricane sandy and ultimately for homeowners to hear the rest. there might be less danger. people choose to build in dangerous areas. government doesn't force them to do it. coming up next, following a string of good economic news, there is some stocks benefiting from superstorm sandy. we are covering your assets with the details coming up next. new pink lemonade 5-hour energy?
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gerri: economics news for
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sending shares higher. details in 60 seconds
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gerri: stocks are higher today after a string of positive economic reports on everything from jobs to consumer confidence. rebuilding stocks led the way. companies selling materials like plumbing and bedding and furniture, they were higher. some as much a 7%. as a result of hurricane sandy, there is a way to play this disaster. joining me now is scott martin for united advisors. welcome back to the show, always good to see you. can i still play this trend or is it on? >> yes, i think you can. people. people that call to turn over, as you mentioned, especially the homebuilders, i would've in the wrong thing to do is to give up on them. you talk about some of the other names, too.
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the retail names, i feel that you could've bought lowes and home depot last week and i'm pretty well. that is not a place i would give up on. i like retail and i like the homebuilders. gerri: how much can they go to? you said yourself, the homebuilders have been on fire for a long time. stocks don't go into the sky, my friend. >> they do not. here is the thing, they get absolutely crushed in the last two years. they did not really bounced back and i think they are having their day in the sun. i think the housing market is bottoming. i think housing and construction is going to pick up. >> let's talk about u.s. treasuries for a second. there was a report today that investors are turning cautious on u.s. treasuries. you believe that? >> and heard the same story two years ago and and i don't believe them in amount than we were two years ago. i don't really think there's a lot of money that's going to fly
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out of treasuries. why is that? because we are still the world's biggest consumer. how do you find the world's biggest consumer? you lend the money. the u.s. government is still issuing tons of debt. so i don't think richard was love. double the yield little bit less of a risk remapped. gerri: i want to hear what you have to say about the new york stock exchange. they said the people who work here are not going to be safe unless they can stay home and not worry about it. we make of that? >> i think it makes sense. i agree. i think they would have been in harms way. but the question is did you really need those people down there or it. >> exactly. >> there is a report from just a couple weeks ago, year-over-year volumes is down 35%. exchanges like direct editor taking all that off the floor. so you don't really need people there. but they just don't want to minute. gerri: and thought about going
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electronic and they dismissed it. why is that? >> i don't know. i think there is some allegiance down as the old way of trading. this is another example of the systems that we need to get in place that we can put in place to take your problems like this is hurricane sandy have come at. gerri: i hope hurricane cindy doesn't come back. i am done with sandy. now, thank you so much. gerri: next, our gas lines are stretching from new york to new jersey. some stations are worried about they will charge whatever they want to. should they be allowed to do that? john stossel has an interesting take coming up next i'm a conservative investor.
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the one mile-long gas lines forming in new jersey in the wake of hurricane sandy. a lot of panic at the pump. not just there, but all over the northeast. the officials and new jersey governor and new york governor looking to increase profits. my next guest says why should the feds set the price. joining me now is john stossel. most of the show stossel pressure on fox business. and the author of no, they can't come up with my government feels and why individuals succeed. i think price gouging is okay? >> because gouging is just a word. the idiot politicians use it. i really just means price movement, raising your prices. they tell people that maybe they will wait to buy gas. there are not a lot in new
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jersey. you can't raise prices more than 10% in a disaster. in new york, it is ambiguous. you just can't take advantage of a disaster. but the result is that people are waiting in line forever and topping off their tanks just in case. if you allow prices to fluctuate from a supply and demand works. the people that really need gasket and others wait. they are not letting the market work we want your not saying that gouging doesn't occur, you're saying that people want to move prices. but here is the reality. despite your price. let's say you have a gas station right across the street. >> i'm going to tick off my customers. >> it's not like you can pick that up and move into different corners. >> there is a middle point between gas stations decision, pleasing customers, and making money, and that shouldn't be decided by politicians, that should be decided by individual gas station owners. >> here's what you hear from the governor sent from others, there is this advantage of people who can afford to pay these prices
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to escort a one-time gain. how do you respond to that. >> that is called capitalism. our ratiigs go up a box, we will take advantage with the advertisements. remember the deference during richard nixon's term? that wasn't wasn't our gas shortage as the press said it was. it was about nixon's price control. gerri: when you look back at that, a republican put in place by schedule. it's not just hard to imagine? >> tortoises don't happen when prices are allowed to fluctuate. gerri: here's a wee hat. prices are going to come down to so it is ironic that we have a situation where people are lined up around the block. >> as long as they are in line, people will buy. gerri: you make a good point. i want to talk to you about the national flood insurance program. i have watched the same for a long time. it is highly problematic. you don't like it. here's a question for you. with the flood insurance
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program, it's not always the case of the private sector jumps in when the feds leave. that is one of the assumptions of people that criticize the program. we say that? >> i say that if they don't come then, don't build there. if the insurance company says i can't make money ensuring john stossel's some of the edge of an ocean, and maybe if i want to build there, i should take my own list of my own money. you're one of the people that gets it right in your segment. i thank you for that. gerri: you are against the flood insurance program. you are insured by a? >> no longer. i was a hypocrite and i took advantage of it. i bought a beach house. my father said, are you crazy? i said that i can't lose and it was true. my house washed away. you pay for. there was, after the first couple storms, it looked like that. he bought me a new basement,
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never invited you there, you paid for it, it is disgusting. when the whole house went on the government paid me back when the whole house went with it again. this program should not exist. they say it is compassion, but rips off taxpayers. gerri: at the end of the day. maybe the government should prepare responses that are refinancing or rebuilding. >> that is a job for local governments. the met has always been incompetent. the scandals that are going to get fixed on it happen again. gerri: we are covering it every single day here. >> the private sector will take care of it and the firemen and the rest be one of the beat goes on. john stossel, thank you for coming on. come back anytime. we love having you on. be sure to watch john stossel right here on the fox business network. president obama is making up for lost time with a campaign blitz in force. saying that mitt romney is not slowing down in the battleground
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state of virginia. and neither candidate is holding back on the attacks. with one this is jonathan collegial and bill kristol. it's now time to get back to that punching bags? >> well, apparently. president obama decided to go right back on the campaign till today. i talked to one democratic couple of hours ago there was a little surprise for the puppet president obama was doing well, his sort of, you know, fema director in charge, politically he thought he was holding helping him, governor christie was being nice to him, they went back on the attack after that. >> when you look at this, jonathan, what needs to be centered on? looks at president obama is the fema director has made up for lost ground. it looks like the pressure is on mitt romney. >> i think he needs to turn the corner and make the final days of the campaign, which is no more of this drama in washington on every single legislative thing where we have parties bickering and fighting.
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he worked in a bipartisan cents with a legislator. i think that is the closing argument. we will turn the corner on all of this drama that is happening over the last four years, turning a page and starting fresh. that's what he needs to get out to voters. gerri: we have swing states showing president obama doing quite well. should we be paying attention to these things at this point? >> well, we can, and then we have to look at how they are conducted in the different ways in which they have to weigh and balance the results. you know, it is time from everyone has to do that, but we should be skeptical. here's what we do know. the fox poll has been a very good goal. abc and "washington post" is 49 and 49. this is an even race. i think obama has had a little bit of a rally in the last few days, but very little. i would say that romney had some
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bull market through the debate. not. there is no little bear market rally that could be for obama, little production, and the big question for me is over the next three or four days, there are two possible things that could happen. steady race to the end, obama's little rally continues, or, i think and this is most likely, the obama rallies outside. in the primary trend research itself. i've seen that happen. romney picks up two or three points over the next for five days. and he wins by a couple. that is the most likely outcome. >> all important jobs report out tomorrow. expectations for what it 7.9% unemployment rate, that is 10 times higher than it was last month. with equanimity. levitate it is good news or bad? >> i don't think it's possible that employment report help
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obama unless there is a huge jump in employment. if there was a big jump we went down to 7.5%. i think anything else would be a wash. it's not hurting the president. one point to what bill said about there being so many polls out there, 119 goals in the last seven days. it is very easy to cherry pick them and make a case one way or the other. i always go back and look at the oldest poll, the one that has been going. they're going to be back and they are going to have new numbers in the next couple of days. and i think that's one to look at. gerri: one more question. the president is suggesting that we need secretary of business. here is how mitt romney responded to this idea today. listen to this. >> with 151 million people on food stamps and when than when he took office, he has to find something to suggest it's going to be better over the next four years. so we came up with an idea last week, which when she is going to create a permanent business.
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[laughter] i don't think adding a new chair and a cabinet will help millions of jobs on main street. would you make of that? >> first of all, i'm for you gerri. [laughter] [laughter] >> is so characteristic of president obama to think there is a bureaucratic solution for economic problems. but i think it's very important that romney has to talk about what is going to do for the country over the next four years. if i were governor romney, i would say don't even mention president obama. thank you for coming in tonight.
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gerri: we will be right back
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gerri: five days away and all polls show it's a dead heat. the romney's outstripping obama by a long shot in 2012 race. >> if you are having dinner with mitt romney or you ran into him on a bus, like he's living on a bus. [laughter] the first thing anyone would say
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is oh, you're the guy that makes his.right on the roof of the car. after that, it is game over. >> mitt romney said he will not release any more tax returns. he said he guarantees that he peewees 13% every year. that is not a tax, that's a tip, okay? >> mitt romney told kelley river that he tries were as little as possible when he goes to bed. this explains why he said he's eager he is eager to become the first minute when she. >> just a few of the jobs and it turns out that most of the wisecracking was at romney's expense. care to break it down is racial demagoguery from the 70s to obama. tell me what to make of these numbers that we just talked about? remark we are talking about
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think that the democrats had done. and they thought, well, that's funny. anyone who knows anything about politics, they want you to think about what happens, and the letterman joked, they possibly could be funny. he is famous for flying southwest even when it's not campaigning. [talking over each other]
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it wasn't quite the same way. but the people in the audience should get the joke come and, and stupid people should not understand that. [laughter] you have to be stupid to laugh. gerri: i want to bring up "the new york times" and how they interpret the numbers. president bush with economic growth of 2.7%. a national letdown. let's look at obama. gdp of 2.3%. what does "the new york times" essay? obit study improvement. gerri: slow but steady improvement. >> the media has really dishonored itself more than ever before in this campaign.
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candy crowley during the debate, choosing a winner and then having to admit that she was wrong. i mean, i understand what right-wingers are talking about. gerri: what let me ask you about chris christie this week. >> what i think is going on here is that right after chris christie became governor, the left is asking about how he lost the no child left behind money. the reason the federal government wouldn't give new jersey their education money, --
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gerri: do you think they were holding back dollars because they don't like chris christie? >> absolutely and definitely happen. everything he is looking at, it's like oh, give me a break.
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gerri: in focus tonight is open enrollment. it is the one time this year you can make changes to your health insurance for 2013 and what you don't know can posture. bob hurley on a senior vice president of the parent company of e-health insurance.com. most people pay very little attention to this. what kinds of changes will people see mr.? >> well, of course, the federal government is actually going to mandate what you look at. all of the product comparison sheets that the employers are going to put out this year are going to all look the same. you will be able to quickly compare your plans side-by-side. the benefits of sins as well as the cost of the plan. that is good thing for most families to when you look at the changes, because there are always changes, usually the changes are getting less and paying more. is that what's going on mr.?
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>> i think the same will continue. in fact, you know, one of the benefits that anybody under 26 years old and younger parents plan. that is a benefit for young people. but i think that the idea to you will pay more and get less is probably still going to be the case this year. you can manage your costs by managing the deductibles little higher if you can afford to. so i think they are still going to be a lot of options for you when you go to open one of this year. gerri: employees -- making changes outside of open on the moment, but only for qualified event. if you don't make the right choice in october, which is when open the moment has come when can you make changes otherwise? >> welcome the good news is if you get married, which should be a happy moment in her your life, you can certainly make you change your plan to add your new spouse. certainly if you get divorced,
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the same would hold true. but if you hold children, for instance i had a friend who had a new child and he wanted to add to his insurance. of course, if you change jobs and move out of the area come you can make the changes as well. i think some of the biggest changes are going to come next year with the affordable care act kicking and. gerri: robber, we're going to have to leave it there. i apologize. people are really going to have to pay attention to this. it's very important. robert, thank you. >> thank you, gerri. gerri: we will be right back with my "two cents more". with dedicated support teams
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>> some critical comments. >> we were without power trice in 2004 you did not cover that at all. typical the your city arrogance. >> it is true their most focus on their own problems but i don't think we're guilty. here i am covering the host of recent storms. >> hurricane is it downgraded to a tropical storm. homeowners find themself in the path should be on the lookout. maybe only a tropical storm now with the damage it leaves will be $1 billion. >> i believe it was the biggest storm death threat and many lives in more than 20 states. damage was extreme.

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